Lebanon successfully closed a $1.1 billion eurobond issue Thursday with 20 percent of the bond snapped up by foreign investors, the Finance Ministry said in a statement.

“The average return on this issue was 6.40 percent,” the ministry said.

The first part of the eurobond is valued at $600 million and matures in January 2023 with a 6.150 percent yield, the ministry said.

The second part of the issue is valued at $500 million and matures in November 2027 with a 6.70 percent yield, it added. The issue was co-managed by Fransabank and Standard & Chartered Bank.

“This is the first transaction conducted by Lebanon in the international market in 2013 to refinance the public debt,” the statement said.

“The turnout on this subscription, especially the long-term bonds, has demonstrated the continuing confidence in the Lebanese economy despite the difficult local and regional conditions,” caretaker Finance Minister Mohammad Safadi said.

He added that the Finance Ministry did not hesitate in executing this issue to cover the financial needs of the country, and that Lebanese commercial banks played a key role.

Lebanese banks are usually the biggest subscribers of Lebanese sovereign eurobonds.

Experts say that Lebanon will not have any difficulty financing its needs in the short- and medium-term.